Alden Global Capital Requests Pier 1 To Reconstitute Board - Quick Facts

(RTTNews) - Alden Global Capital LLC, the largest active shareholder of Pier 1 Imports (PIR), has delivered a letter to the Pier 1 Board to make its serious concerns explicit for the Board, and to outline its views for fellow shareholders regarding why immediate and meaningful changes are required to begin rebuilding shareholder confidence. Alden said it looks forward to continuing a constructive and productive dialogue regarding corporate strategy, the ongoing CEO search process, and the composition of Pier 1's Board. Alden cautioned Pier 1 against taking any further actions to entrench the Board.

Alden said it disagrees with the company's laissez-faire approach to Board responsibilities. Alden requested that the Board immediately appoint: Heath Freeman, a representative of Alden, as a director of the company to assist with the CEO search and hiring process; and additional independent directors recommended by Alden to make decisions that are in the best interests of all Pier 1 shareholders.